- Norway’s GDP grew by 1.4% in Q2, up from 0.3% in Q1.
- Growth was driven by strong activity in the extraction sector and maritime transport, which rose by 5.6%.
- Consumer spending rebounded by 1.5% in Q2, after a 0.7% decline in Q1.
Oslo, August 22 (FFN) – Norway’s economy experienced a significant acceleration in growth during the second quarter, largely driven by increased activity in the extraction sector and maritime transport. This was reported by Norway’s statistical office, with the data published on TradingEconomics.
The Gross Domestic Product (GDP) of Norway increased by 1.4% quarter-on-quarter in Q2, compared to a revised 0.3% growth in Q1. Initially, the growth for the first quarter was reported at 0.2%.
The surge in economic activity was notably supported by a 5.6% increase in the extraction sector and maritime transport, up from 0.9% in Q1.
Additionally, government spending growth accelerated, and consumer spending had an even more pronounced impact on the economy. Consumer spending, which had declined by 0.7% in Q1, increased by 1.5% in Q2.
Trade also contributed positively to the economy’s performance in Q2. Exports increased by 5.6%, while imports grew at a more modest pace of 3.1%.
Year-on-year, Norway’s GDP grew by 4.2% in Q2, marking a significant turnaround from a 0.9% decline in Q1. Moreover, the economic growth in Q2 was the strongest since the second quarter of 2022.
| Economic Indicator | Q2 2024 | Q1 2024 |
|---|---|---|
| GDP Growth (Quarter-on-Quarter) | 1.4% | 0.3% |
| Extraction and Maritime Transport | 5.6% | 0.9% |
| Consumer Spending | 1.5% | -0.7% |
| Export Growth | 5.6% | (not provided) |
| Import Growth | 3.1% | (not provided) |
| Year-on-Year GDP Growth | 4.2% | -0.9% |
